The Bingo Association is delighted to announce that it has become a Strategic Partner of the Banknote Checking Scheme, which was created to protect businesses from the risks associated with counterfeit banknotes.
What is the Banknote Checking Scheme?
The Banknote Checking Scheme is a completely free initiative run by the Bank of England to help protect businesses. The Scheme sends you newsletters to alert you to updates on counterfeit trends, keep you up to date with best practice on how to check banknotes and inform you of the latest banknote news. You’ll also get a point of contact at the Bank of England for any banknote enquiries you or your business may have.
Although the number of counterfeits has reduced substantially following the introduction of new polymer notes, businesses across the UK are still accepting counterfeit notes that could be spotted easily if the right checks were used. Counterfeits are worthless, so any counterfeit accepted is a direct loss to a business, even before any administrative costs or staff time. Criminals often target places where they have successfully passed a counterfeit repeatedly. There can also be a reputational impact from being associated with accepting counterfeit banknotes, even more so if a retailer was to accept a counterfeit and then give it out in change. So, it’s vital that businesses and their staff are educated on banknote checking and the steps to take if they receive a note.
By becoming a Strategic Partner of the Banknote Checking Scheme, the Bingo Association is showing its commitment to protecting bingo clubs, high street bingo and holiday parks across the UK. We strongly encourage you to sign up to the Scheme so you can protect your business and our industry from counterfeit banknotes.
What do I gain from joining?
Once you have signed up to the Scheme, the Bank of England will send you a welcome pack which contains staff training materials on banknote checking, a guide for what
to do if you get a counterfeit note and a contact email address at the Bank of England. You can also request Banknote Checking Scheme stickers for tills, doors or company windows to inform customers that your staff check banknotes.
You will receive a regular newsletter which will update you on best practice, counterfeit news and other banknote updates. In 2024, this will include information on the issuance of new banknotes featuring a portrait of King Charles III, which the Bank of England expects to issue by mid 2024. Key messages already provided on that subject include:
- You will still be able to use polymer banknotes that feature the portrait of Her late Majesty Queen Elizabeth II, which will continue to circulate.
- You can check the King Charles notes in exactly the same way you would check existing banknotes featuring Queen Elizabeth.
The Scheme also recognises the Corporate Social Responsibility (CSR) contribution that supporters make in helping to reduce counterfeit levels and associated proceeds from crime, and by supporting the Bank in maintaining confidence in the currency.
Paul Swindon, Head of Governance & Compliance at The Bingo Association said, “BA members still heavily rely on the use of cash within their venues, so we are delighted to be able to support the Bank of England by becoming a Strategic Partner of the Banknote Checking Scheme. This allows us to share important updates, best practice guidelines and training materials with members and the wider bingo community, which will help protect businesses and customers from counterfeit banknotes and remove them from circulation.”
Don’t let counterfeit notes be a cost to your business, your customers or your reputation.
Tips for banknote checking
A recent Banknote Checking Scheme newsletter highlighted current best practice for banknote checking, which focuses on two key security features: the hologram image change and the see-through windows. We recommend that businesses that want to continue using secondary security checks, such as UV, do so alongside at least one of the below primary checks, which should always include the hologram image change.
- The hologram image flip requires you to tilt the note side to side. Check the words change between the value of the note, ‘Five’, ‘Ten’ ‘Twenty’ or ‘Fifty’ and ‘Pounds’. This is the first check that we recommend you always use to check your banknotes.
- The see-through windows include a metallic image over the window. Check that the foil is gold on the front of the £5 and £10, gold and blue on the front of the £20, and gold and green on the front of the £50. The foil is silver on the back of all notes.
The Scheme is free to join – sign up here: bankofengland.co.uk/banknotes/banknote-checking-scheme
